Big Rapids VA Loan Rates, Closing Costs & Stats
Big Rapids, MI
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Big Rapids's 19 lenders originated 35 VA loans during 2023. The total origination value was $8,085,000, with an average VA loan value of $231,000.
Big Rapids VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Big Rapids
averaged
6.65%
for the week of 2024-11-08, compared to the national average (all VA variants) of
6.34% for the same period.
Big Rapids's average VA mortgage closing costs are $4,756.
The average rate for the prior week (2024-11-01) was
6.7% and
one month ago for the week of 2024-10-04, the
average rate was 6.03%.
The average rate one year ago was 7.59%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.44%.
Big Rapids VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Big Rapids level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 6 | 6.50% | $3,962 |
| QUICKEN LOANS, LLC | 4 | 6.52% | $9,052 |
| UNITED WHOLESALE MORTGAGE, LLC | 4 | 6.00% | $8,704 |
| Fifth Third Bank | 3 | 6.00% | $4,034 |
| Barrington Bank & Trust Company, N.A. | 2 | 7.25% | $9,206 |
| ROSS MORTGAGE CORPORATION | 2 | 7.00% | $10,041 |
| NEW DAY FINANCIAL, LLC | 2 | 7.49% | $8,991 |
| AMERICAN FINANCIAL RESOURCES, INC. | 1 | 6.63% | $12,566 |
| MORTGAGEONE, INC. | 1 | 6.75% | $8,570 |
| Neighborhood Loans, Inc. | 1 | 7.13% | $8,614 |
| PENNYMAC LOAN SERVICES, LLC | 1 | 5.25% | $2,819 |
| TOWNE MORTGAGE COMPANY | 1 | 6.13% | $13,241 |
| MORTGAGE CENTER L.C | 1 | 6.88% | $8,246 |
| BROKER SOLUTIONS, INC. | 1 | 7.13% | $10,293 |
| Citizens Bank | 1 | 7.25% | $5,222 |
| F&M Bank | 1 | 5.25% | $5,973 |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | 1 | 6.75% | $7,731 |
| LOANDEPOT.COM, LLC | 1 | 7.13% | $4,002 |
| MORTGAGE 1 INCORPORATED | 1 | 5.63% | $5,651 |
The top Big Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with
6 VA loans originated. Their average total fees are
$3,962, which is $5,090
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Big Rapids VA lenders (with over 10 loans originated) are
.
The lowest rate Big Rapids VA lenders (with over 10 loans originated) are
.